FalconX Slashes Staff as Crypto Market Downturn Looms
FalconX, a digital assets brokerage firm, has made significant layoffs as it prepares for an extended downturn in cryptocurrency markets. The company cut approximately 10% of its staff globally, with roughly half of those affected based in Singapore.
The reduction in personnel includes senior managers and employees in sales and accounting from the Singapore office, according to sources familiar with the matter who wished to remain anonymous while discussing private information.
The timing of these layoffs coincides with a prolonged downturn in cryptocurrency markets. While the article does not specify a particular date for this downturn, it is implied that FalconX anticipates a period of market instability.
No official statement has been issued by FalconX regarding the layoffs or their reasoning behind them.